Black Sea Energy Undersea Cable Project Takes Major Step Forward

Azerbaijan, Georgia, Romania, and Hungary‌ have signed a shareholders’ agreement to create a joint ⁢venture for the implementation of the Black Sea Energy Undersea Cable project. ⁣This significant development was announced ⁣by Azerbaijani Energy Minister Parviz ⁤Shahbazov on social media following the 8th⁢ meeting of the ministers of the four countries in Bucharest.

The Bucharest meeting ​of ministers resulted in substantial progress towards the implementation of​ the four-part agreement and the transformation of Azerbaijan into a supplier of green energy to Europe. The ⁢joint venture will play a crucial role in achieving ⁢this⁣ goal.

Key Developments and Agreements

The parties agreed that the leadership of the joint venture will be held on a rotational basis, ensuring equal participation​ and representation from all countries involved. Additionally, ⁤the ministers agreed to develop an action plan to accelerate processes before the next meeting.

The⁢ feasibility ‍study of‌ the project will ​include⁢ tasks related to the fiber optic cable line and issues ‌of Bulgarian integration. This comprehensive approach‍ will help address the technical and logistical aspects of the‍ project.

International Support and Cooperation

The ministers expressed their support for holding a high-level event dedicated to the project as ​part of the​ COP29 Climate Leaders Summit. This demonstrates the international community’s recognition of the⁣ project’s significance and its potential to contribute‌ to a sustainable energy⁢ future.

Project Background and Timeline

The strategic ‍partnership agreement for⁤ the construction of the Black Sea ⁣Energy submarine electric cable was signed ⁤on December 17, 2022, by Azerbaijan, Georgia, Romania, and ‍Hungary. The project involves the‌ construction of a 1 GW⁣ capacity⁢ cable with a length of 1,195 kilometers.

In June 2023, Bulgaria announced its intention to‌ join the project, and⁣ in⁢ May 2024, energy operators from the participating countries signed ‌a memorandum ⁤on ‌the creation⁣ of a joint venture. The construction of the facility is expected to take 3-4 years, with the European Commission​ intending to allocate €2.3 billion ​for the project.